The mode of urban renewal in China has changed from incremental expansion to a value-added stage, and the development of cities has increasingly focused on the human experience and quality improvement. However, Cultural Street Vending and the unique street spaces in the historic districts that bear important connotations to the city have shown a trend of rapid decline and even disappearance. Therefore, how to identify the characteristics and connotations of such street vending spaces, grasp the relationship between perception of locality and built environment elements in different states and formulate targeted protection and renewal strategies is presently an urgent problem to be solved. Many studies have now discussed in detail the identification of elements, street perception and preservation strategies for historic districts. However, the Cultural Street Vending space, which carries special urban memory connotations, has been neglected, especially the characterisation of this type of space in different time dimensions. This paper takes the Cultural Street Vending space as a research object and focuses on the perceptual differences between its market day and non-market day, aiming at grasping the perceptual characteristics and constituent elements of this type of street space in different time states, as well as the patterns of changes they undergo. This paper took the Baxian Temple, a typical Cultural Street Vending space in a historic district of Xi’an, as the research object and took 30 architecture students as the evaluators to score 33 pairs of adjectives and recall the elements of nine streets. This paper compared and analysed the differences in the structure of people’s psychological perception of the street in the state of market day and non-market day by SD method. It was found that the activities of the vendors obviously promoted people’s positive emotions, and three commonality factors including impression, vitality and morphosis were extracted through the factor analysis. Moreover, through the element recall method to understand the change in element perception on the market day, we found that the range of people’s perception was smaller on the market day and summarised the element map of the space and the element components of high, medium and low characteristics. The correlation analysis between psychological quantities and environmental elements revealed that people’s positive psychology has a positive correlation with vendors, goods and street components and a negative correlation with greening, colour and texture. This study can provide an important research basis for the development of conservation and renewal strategies for this type of Cultural Street Vending space.